Cryogenic Equipment Market

Market Overview 2023-2028:

The global cryogenic equipment market size reached US$ 20.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 27.9 Billion by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028. The rising demand for advanced technologies, the widespread product adoption in the healthcare industry, and the growing environmental concerns among the masses represent some of the key factors driving the market.

Rapid Industrialization Augmenting the Market Growth

Rapid industrialization in emerging economies is driving the need for various cryogenic equipment in numerous industrial verticals, such as oil and gas, power generation, healthcare, food and beverage, and chemicals. Apart from this, in order to meet the growing demand for power, the construction of intrastate transmission and sub-transmission networks has grown, which has a positive impact on the demand for cryogenic equipment. Besides this, the increasing investment to improve the overall energy sector has a positive impact on the cryogenic equipment market.

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented due to the presence of a large number of global and regional players on account of continual innovations. The volume of new entrants is low in the cryogenic equipment market due to the high product standards, high capital requirements, and moderate product differentiation.

What is Cryogenic Equipment?

Cryogenic equipment is an array of specialized machinery widely utilized for several applications requiring extremely cold temperatures to function. This specific temperature is achieved by using cryogenic fluids, including liquid nitrogen and liquid helium to cool down the equipment. It is used in a variety of industries, such as aerospace, medical, and electronics. In aerospace, cryogenic equipment stores and transports liquid oxygen and liquid hydrogen, which are essential components of space travel. Additionally, cryogenic equipment is utilized to store and deliver medical supplies, including blood and organs, and to store and transport medical samples. Moreover, in the electronics industry, cryogenic equipment is used to cool down electronic components, allowing for more precise and efficient manufacturing processes. Besides this, it is also used in energy production, such as in the production of liquified natural gas, which is utilized to power vehicles and other energy-consuming applications. It is gaining widespread traction across the globe due to its ability to provide frigid temperatures in numerous industrial processes.

COVID-19 Impact:

The COVID-19 pandemic caused a negative impact on the global cryogenic equipment market. As the outbreak became more serious, industries put a halt to their nonessential operations, leading to the suspension of industrial machinery installations. Additionally, the lack of access to raw materials, labor, and transportation caused production disruptions in industrial plants. However, as countries started to lift their lockdown measures with adherence to appropriate protocol, these industries began to resume activities, which stimulated the demand for cryogenic equipment.

Cryogenic Equipment Market Trends:

The escalating adoption of advanced technology majorly drives the global market. With the continual advancements in technology and automation, more businesses are turning to high-tech solutions to improve efficiency and reduce costs, which is impelling the demand for cryogenic equipment as it helps to reduce energy costs. Apart from this, the rising adoption of cryogenic equipment in the healthcare industry for several applications, including cryo-preservation, cryo-ablation, and cryo-surgery is driving the overall cryogenic equipment market. Along with this, the widespread adoption of cryogenic equipment in numerous food processing applications, such as freezing and chilling, as well as in the transportation of frozen food products, is positively influencing the demand. With the rising adoption of renewable energy sources, including wind, solar, and hydropower, the demand for efficient and reliable cryogenic equipment has increased significantly. This can be supported by the growing product utilization to store and transport renewable energy sources, such as liquefied natural gas (LNG). Furthermore, cryogenic equipment is widely used in research and development (R&D) activities to test and analyze materials and components and to study the properties of materials and components at low temperatures, which can be helpful in understanding the behavior of materials in extreme environments, creating a positive market outlook.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global cryogenic equipment market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on equipment, cryogen, application and end use industry.

Equipment Insights:

• Tanks
• Pumps
• Heat Exchanger
• Valves
• Others
   

The report has provided a detailed breakup and analysis of the cryogenic equipment market based on the equipment. This includes tanks, pumps, heat exchanger, valves, and others. According to the report, tanks represented the largest segment due to the increasing demand for tanks that are capable of storing and transporting. These tanks are durable and reliable, with good thermal insulation and pressure containment features, while also offering maximum efficiency and cost-effectiveness. With the rising demand for energy efficiency, improved safety, and cost-effectiveness, there is a need for tanks with advanced features, such as automated temperature and pressure monitoring, as well as advanced insulation materials.

Cryogen Insights:

• Nitrogen
• Liquified Natural Gas
• Helium
• Others
   

A detailed breakup and analysis of the cryogenic equipment market based on the cryogen have also been provided in the report. This includes nitrogen, liquified natural gas, helium, and others. According to the report, liquified natural gas accounted for the largest market due to the growing need for clean, efficient, and cost-effective energy sources. Additionally, the rising demand for energy, as well as the need to reduce emissions and improve air quality, are leading to increasing adoption of LNG in cryogenic equipment. In addition, the use of LNG in cryogenic equipment has become much more economical due to advances in technology and the development of more efficient compressors and storage systems. Moreover, the growing utilization of LNG in cryogenic equipment is becoming more attractive due to its environmental benefits. The use of LNG in cryogenic equipment helps to reduce emissions, as well as the amount of energy required to produce and transport the gas.

Application Insights:

• Storage
• Transportation
• Processing
• Others
   

The report has provided a detailed breakup and analysis of the cryogenic equipment market based on the application. This includes storage, transportation, processing, and others. According to the report, storage represented the largest segment due to the escalating demand for both long-term and short-term storage, which is making cryogenic storage systems an attractive option. Along with this, cryogenic systems are much less expensive than traditional storage methods and offer significant cost savings over traditional storage options, propelling the market. In addition, they are also resistant to extreme temperatures and other environmental conditions, making them ideal for storing sensitive materials or documents, which is acting as a growth-inducing factor. Flexibility is also an important consideration for cryogenic storage. Cryogenic systems are highly customizable and can be adapted to meet the specific needs of any user. This allows users to customize their cryogenic systems to meet their particular storage needs, impacting the demand.

End Use Industry Insights:

• Oil and Gas
• Energy and Power
• Food and Beverages
• Healthcare
• Marine and Aerospace
• Chemicals
• Others
   

A detailed breakup and analysis of the cryogenic equipment market based on the end use industry have also been provided in the report. This includes oil and gas, energy and power, food and beverages, healthcare, marine and aerospace, chemicals, and others. According to the report, chemicals accounted for the largest market due to their use in various manufacturing processes, and in the energy sector. Additionally, the rising demand for cryogenic chemicals from the healthcare sector is also driving the market. Moreover, the increasing awareness of the environmental benefits of cryogenic equipment is driving the demand for cryogenic chemicals.

Regional Insights:

• North America
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (United States, Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others); Europe (Germany, United Kingdom, Italy, Spain, Russia, Others), Latin America (Brazil, Mexico, Others); and Middle East and Africa. According to the report, Asia Pacific was the largest market for cryogenic equipment. Some of the factors driving the Asia Pacific cryogenic equipment market included the growing investments in developing countries in the area, including India, China, and South Korea. Additionally, the increasing requirement for cryogens, including natural gas, is providing a boost to the demand. The existence of a massive food processing industry further impelling the adoption of cryogenic equipment.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global cryogenic equipment market. Some of the companies covered in the report include:

• Air Liquide S.A.
• Air Products and Chemicals Inc.
• Chart Industries Inc.
• Cryofab Inc.
• Cryoquip LLC (Nikkiso Co. Ltd.)
• Emerson Electric Co.
• Flowserve Corporation
• Herose GmbH
• INOX India Pvt. Ltd
• Linde Plc
• Parker-Hannifin Corporation
• Wessington Cryogenics
   

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global cryogenic equipment market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global cryogenic equipment market?
• What is the impact of each driver, restraint, and opportunity on the global cryogenic equipment market?
• What are the key regional markets?
• Which countries represent the most attractive cryogenic equipment market?
• What is the breakup of the market based on the equipment?
• Which is the most attractive equipment in the cryogenic equipment market?
• What is the breakup of the market based on the cryogen?
• Which is the most attractive cryogen in the cryogenic equipment market?
• What is the breakup of the market based on the application?
• Which is the most attractive application in the cryogenic equipment market?
• What is the breakup of the market based on the end use industry?
• Which is the most attractive end use industry in the cryogenic equipment market?
• What is the competitive structure of the global cryogenic equipment market?
• Who are the key players/companies in the global cryogenic equipment market?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the cryogenic equipment market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global cryogenic equipment market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the cryogenic equipment industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.